French energy company Engie and its partner Masdar have reached financial close for the 1.5GW Khazna Solar PV project in the United Arab Emirates (UAE).
Equipped with nearly three million solar panels, the project is set to be the largest photovoltaic (PV) installation undertaken by Engie globally.
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It is located between Abu Dhabi and Al Ain and is expected to become fully operational in 2028.
Financing for the project has been secured from a consortium of seven major banks including Abu Dhabi Islamic Bank and Crédit Agricole Corporate and Investment Bank.
Engie senior executive vice-president Paulo Almirante said: “Reaching financial close on Khazna Solar PV is a major milestone and underscores Engie’s role as a trusted partner in the Middle East’s energy transition, delivering large-scale projects that strengthen energy supply security and advance decarbonisation.”
The Khazna Solar PV project was awarded to Engie and Masdar by the Emirates Water and Electricity Company (EWEC) in October 2025. Under a 30-year power purchase agreement, EWEC will procure the output of the solar facility.
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By GlobalDataThe project aims to supply electricity to approximately 160,000 homes and is projected to reduce carbon emissions by more than 2.4 million tonnes per annum.
Khazna Solar PV also represents the first rollout of a regional cooperation agreement between Engie, PV module supplier LONGi, and engineering, procurement and construction company PowerChina.
The partnership brings together their expertise and resources to develop large-scale solar projects totalling more than 800MW across Saudi Arabia, the UAE and Morocco, while expanding their presence throughout the Middle East and North Africa.
Engie aims to achieve a carbon-neutral economy by the year 2045. The company operates across the entire energy value chain and invests significantly in renewable energy initiatives.
Earlier this month, Engie secured its first hybrid solar and battery storage project in India after a successful bid in the Solar Energy Corporation of India’s national tender.
The project combined 200MW of solar PV capacity with a 100MW/600 megawatt-hour battery energy storage system, enabling up to six hours of renewable energy storage and supply.
